The Residential Properties (First-hand Sales) Ordinance, aimed at shielding buyers from dishonest sales practices, came into force on Monday and will affect the launch of new flats in the short term, say property analysts.

The latest round of cooling measures this month is expected to slow down homebuying on the mainland after scorching sales in March. Prices of new homes climbed in 68 out of 70 cities in March from February, according to figures released by the National Bureau of Statistics - the highest number of cities since September 2011.

New-home sales in first-tier and second-tier cities were up 8 per cent and 13 per cent week on week, respectively, according to Nomura. The next catalyst for the housing market should come after the first week of May - the three-day holiday starting on April 29.

On February 22 the government announced new measures, including a doubling of stamp duty for homes and non-residential properties valued at more than HK$2 million, and requiring buyers of non-residential properties to pay stamp duty earlier.

Home sales rose to 2,793 in March, rebounding from a 14-month low in February and the highest since the Urban Redevelopment Authority started releasing the information in June 2007, according to data released today. Sales in February slumped to 712 units, the data showed.

Preliminary figures from the Rating and Valuation Department's "Hong Kong Property Review 2013" report shows that 15,820 new flats will go on the market next year, 16.8 per cent more than this year's expected total of 13,550 units.

The government's cooling measures "have created a severe situation for sellers", Centaline Property managing director Louis Chan Wing-kit said. "Some have waited for up to 40 days to clinch a deal, so now they feel they need to lower prices."